Recommendation of insurance products based on an inventory analysis

ABSTRACT

Apparatuses and methods may provide for generating, maintaining, and using an inventory for insurance purposes. An optimized inventory analysis server may generate and maintain user profile information for determining a demographic classification of each user associated with an inventory. A demographic classification for a given user may be used along with data related to items owned by other users to determine one or more items for recommendation to the given user. Details associated with existing insurance coverage levels may also be used to recommend new insurance products to the user. In addition, the optimized inventory analysis server may determine a depreciated value of each item within an inventory. These values may be used to assess loss and settle an insurance claim for damage to one or more of the items in the inventory.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is related to U.S. application Ser. No. 13/608,760 andU.S. application Ser. No. 13/608,765, which were filed concurrently withthis application and which are herein incorporated by reference in theirentirety.

TECHNICAL FIELD

The present disclosure relates to systems and methods for generating,maintaining, and using an inventory for insurance purposes.

BACKGROUND

Conventional software applications for generating an inventory of itemsassociated with property such as a home, office, business, etc. arelittle more than non-intelligent databases for storing each item inputby a user. In addition, conventional inventory applications arestand-alone systems that are not configured to interact with externalsystems to better leverage the information included in the inventory.

Therefore, there is a need for optimized systems and methods forgenerating an inventory and leveraging the information included withinthe inventory.

SUMMARY

The following presents a simplified summary of the present disclosure inorder to provide a basic understanding of some aspects of thedisclosure. This summary is not an extensive overview of the disclosure.It is not intended to identify key or critical elements of thedisclosure or to delineate the scope of the disclosure. The followingsummary merely presents some concepts of the disclosure in a simplifiedform as a prelude to the more detailed description provided below.

Aspects of the disclosure involve optimized systems and methods forgenerating, maintaining, and using documentation of an inventory ofitems associated with an entity such as a home, office, vehicle, andother types of property.

In another aspect of the disclosure, an optimized inventory analysisserver may interface with external systems and may generate an inventoryconfigured for various purposes, including insurance analysis. Inparticular, the optimized inventory analysis server may identify usersassociated with an entity such as an insurance company and may generatea profile associated with the users. In addition, the optimizedinventory analysis server may store information related to ownership ofvarious inventory items. Using the inventory information associated witheach user profile, the optimized inventory analysis server may alsorecommend items that each user may want to own or may already own buthas forgotten to add to the inventory. In another aspect, the optimizedinventory analysis server may determine a depreciated price for itemswithin an inventory.

In another aspect, an optimized inventory analysis server may calculateloss associated with an insurance claim by interfacing with a databasestoring items within an inventory. The server may also allow users toprovide more information to recalculate the loss and generate afinalized settlement.

In another aspect, an optimized inventory analysis server may manage thestorage of information related to what a user owns, insurance coveragefor items owned by the user, and the value of items owned and insured bythe user. Based on an analysis of this information, the optimizedinventory analysis server may determine if each item owned/stored isinsured at all (e.g., via an item-by-item insurance policy) and/oradequately insured. In another aspect, the optimized inventory analysisserver may determine if there are any additional and/or alternativeinsurance products from which users may benefit.

In other aspects, an optimized inventory analysis server may recommendincentives for purchasing items sold by third party entities. Theoptimized inventory analysis server may also offer incentives forpurchasing insurance products for insuring items sold by third partyentities.

Further aspects of the disclosure may be provided in a computer-readablemedium having computer-executable instructions that, when executed,cause a computer, user terminal, or other apparatus to at least performone or more of the processes described herein.

BRIEF DESCRIPTION OF THE DRAWINGS

All descriptions are exemplary and explanatory only and are not intendedto restrict the disclosure, as claimed. The accompanying drawings, whichare incorporated in and constitute a part of this specification,illustrate embodiments of the disclosure and, together with thedescription, serve to explain the principles of the disclosure. In thedrawings:

FIG. 1 shows an illustrative operating environment in which variousaspects of the disclosure may be implemented.

FIG. 2 shows a system of network devices and servers that may be used toimplement the processes and functions of certain aspects of the presentdisclosure.

FIG. 3 shows a process flow for a predictive demographic item method inaccordance with certain aspects of the present disclosure.

FIG. 4 shows a process flow for valuation of items stored as part of aninventory in accordance with certain aspects of the present disclosure.

FIG. 5 shows a process flow for automatic loss valuation in accordancewith certain aspects of the present disclosure.

FIG. 6a shows an example display screen for displaying an inventory inaccordance with certain aspects of the present disclosure.

FIG. 6b shows an example display screen for allowing a user to add itemsto an inventory in accordance with certain aspects of the presentdisclosure.

FIG. 6c shows an example display screen for allowing a user to searchthrough an inventory in accordance with certain aspects of the presentdisclosure.

FIG. 7 shows a process flow for determining if items within an inventoryare adequately insured in accordance with certain aspects of the presentdisclosure.

FIG. 8 shows a process flow for recommending insurance products basedupon a determination of whether or not inventory items are adequatelycovered, in accordance with certain aspects of the present disclosure.

FIG. 9 shows a process flow for recommending incentives onproducts/services offered by third party entities, in accordance withcertain aspects of the present disclosure.

FIG. 10 shows a process flow for recommending incentives on insuranceproducts for insuring products/services sold by third party entities, inaccordance with certain aspects of the present disclosure.

DETAILED DESCRIPTION

In accordance with various aspects of the disclosure, methods,computer-readable media, and apparatuses are disclosed through which aninventory may be generated, maintained, and used for insurance purposes.In certain aspects, when an optimized inventory analysis server receivesan inventory of all items associated with an entity (e.g., home,business, vehicle, etc.) from one or more computing devices (e.g., adesktop, mobile device, etc.), the optimized inventory analysis servermay process the received inventory data to provide enhanced services tousers (e.g., customers of an insurance company).

Embodiments of the disclosure may utilize various hardware components(e.g., processors, communication servers, memory devices, etc.) andrelated computer algorithms to generate an inventory of items andassociated user profiles, to price the items within the inventory, torecommend items that users may not already own and may want to purchasein the future, to assess loss associated with the inventory items, torecommend additional/alternative insurance products from which users maybenefit, to recommend incentives on items that users may want topurchase, to suggest items a user may already own and should add to theinventory, and to recommend incentives on insurance products forinsuring items that users may want to purchase.

FIG. 1 illustrates a block diagram of an optimized inventory analysisserver 101 (e.g., a computer server) in communication system 100 thatmay be used according to an illustrative embodiment of the disclosure.The server 101 may have a processor 103 for controlling overalloperation of the optimized inventory analysis server 101 and itsassociated components, including RAM 105, ROM 107, input/output module109, and memory 115.

I/O 109 may include a microphone, keypad, touch screen, camera, and/orstylus through which a user of optimized inventory analysis server 101may provide input, and may also include one or more of a speaker forproviding audio output and a video display device for providing textual,audiovisual, and/or graphical output. Software may be stored withinmemory 115 to provide instructions to processor 103 for enabling device101 to perform various functions. For example, memory 115 may storesoftware used by the device 101, such as an operating system 117,application programs 119, and an associated database 121. Processor 103and its associated components may allow the device 101 to run a seriesof computer-readable instructions to analyze inventory data andrecommend items that users may want to purchase in the future. Processor103 may also calculate the value of various items of an inventory foruse in assessing loss associated with an insurance claim (e.g., viaclaims adjustment processes).

The server 101 may operate in a networked environment supportingconnections to one or more remote computers, such as terminals 141 and151. The terminals 141 and 151 may be personal computers or servers thatinclude many or all of the elements described above relative to theserver 101. Also, terminal 141 and/or 151 may be data stores for storinginventory data of insured items associated with one or more users. Inyet other embodiments, terminals 141 and 151 may represent variousexternal systems (e.g., authentication systems, etc.) that interfacewith server 101 to provide enhanced insurance services.

The network connections depicted in FIG. 1 include a local area network(LAN) 125 and a wide area network (WAN) 129, but may also include othernetworks. When used in a LAN networking environment, the server 101 isconnected to the LAN 125 through a network interface or adapter 123.When used in a WAN networking environment, the server 101 may include amodem 127 or other means for establishing communications over the WAN129, such as the Internet 131. It will be appreciated that the networkconnections shown are illustrative and other means of establishing acommunications link between the computers may be used. The existence ofany of various well-known protocols such as TCP/IP, Ethernet, FTP, HTTPand the like is presumed.

Additionally, an application program 119 used by the optimized inventoryanalysis server 101 according to an illustrative embodiment of thedisclosure may include computer executable instructions for invokingfunctionality related to calculating an appropriate payment for assesseddamage associated with one or more items in an inventory.

Optimized inventory analysis server 101 and/or terminals 141 or 151 mayalso be mobile terminals including various other components, such as abattery, speaker, camera, and antennas (not shown).

The disclosure is operational with numerous other general purpose orspecial purpose computing system environments or configurations.Examples of well known computing systems, environments, and/orconfigurations that may be suitable for use with the disclosure include,but are not limited to, personal computers, server computers, hand-heldor laptop devices, multiprocessor systems, microprocessor-based systems,set top boxes, programmable consumer electronics, network PCs,minicomputers, mainframe computers, and distributed computingenvironments that include any of the above systems or devices, and thelike.

The disclosure may be described in the general context ofcomputer-executable instructions being executed by a computer. Thedisclosure may also be practiced in distributed computing environmentswhere tasks are performed by remote processing devices that are linkedthrough a communications network. In a distributed computingenvironment, computer-executable instructions may be located in bothlocal and remote computer storage media including non-transitory memorystorage devices, such as a hard disk, random access memory (RAM), andread only memory (ROM).

Referring to FIG. 2, a system 200 for implementing methods according tothe present disclosure is shown. As illustrated, system 200 may includeone or more network devices 201. Devices 201 may be local or remote, andare connected by one or more communications links 202 to computernetwork 203 that is linked via communications links 205 to optimizedinventory analysis server 101. In certain embodiments, network devices201 may run different algorithms used by server 101 for analyzinginventory data associated with an entity such as a home, business,vehicle, etc. or, in other embodiments, network devices 201 may be datastores for storing insured items that are part of an inventory. In yetother embodiments, network devices 201 may represent mobile user devicesconfigured to transmit inventory data from a user premise to server 101.In further embodiments, network devices 201 may represent varioussensors/processors (e.g., cameras, image processors, audio/videoanalyzers, etc.) that interface with server 101 for processing inventorydata. In system 200, optimized inventory analysis server 101 may be anysuitable server, processor, computer, or data processing device, orcombination of the same.

Computer network 203 may be any suitable computer network including theInternet, an intranet, a wide-area network (WAN), a local-area network(LAN), a wireless network, a digital subscriber line (DSL) network, aframe relay network, an asynchronous transfer mode (ATM) network, avirtual private network (VPN), or any combination of any of the same.Communications links 202 and 205 may be any communications linkssuitable for communicating between network devices 201 and server 101,such as network links, dial-up links, wireless links, hard-wired links,etc.

The steps that follow in the Figures may be implemented by one or moreof the components in FIGS. 1 and 2 and/or other components, includingother computing devices.

In accordance with aspects of the disclosure, one or more users mayattempt to access inventory information associated with an optimizedinventory analysis server 101. Users may access this information througha variety of computing devices, including a personal computer, mobiledevice, tablet, etc. and through various communication platforms,including the Internet. A user may enter login credentials (e.g.,username, password, etc.) into a user interface (e.g., a customizedgraphical user interface depending on the type of device a user is usingto access server 101). Processor 103 may then process these credentialsto authenticate the user.

Once a user has been authenticated, optimized inventory analysis server101 may retrieve an associated user profile and inventory informationrelated to the associated user profile. If a user does not have a userprofile, optimized inventory analysis server 101 may request that theuser create a new profile with new login credentials. In addition,server 101 may also allow for the creation of a profile for a group ofusers, such as a household, family, friends circle, etc. In thisinstance, server 101 may allow each member of the group to access and/orupdate inventory information related to the group.

Once a user profile has been retrieved and/or created, optimizedinventory analysis server 101 may classify the user into one or moredemographics (e.g., by gender, age, current location, ethnicity,religion, past location such as original hometown, length of associationwith an entity managing optimized inventory analysis server 101, incomelevel, etc.). Optimized inventory analysis server 101 may classify theuser based on information provided directly from the user and/or byaccessing information from external databases (e.g., property records,tax forms, motor vehicle records, etc.).

The user may also upload any media representation (e.g., text, images,video, audio annotations, etc.) of physically-owned items associatedwith an entity such as a home, business, vehicle, and/or other types ofproperty. Optimized inventory analysis server 101 may interface with themedia capture functionality of various user devices, including mobilephones, personal computers, etc. In this aspect, optimized inventoryanalysis server 101 may also be configured to process information in avariety of formats to customize the user experience and cater to thepreferences of each user transmitting the information. For instance, auser may use a communication module of a personal computer to transmitinformation (e.g., via formats such as Audio Video Interleave (AVI),Moving Picture Experts Group (MPEG), Waveform Audio File Format (WAV),Short Message Service (SMS), Hypertext Transfer Protocol (HTTP), SimpleMail Transfer Protocol (SMTP), File Transfer Protocol (FTP), etc.)related to each item found within a user's home to server 101. When newinformation is received, server 101 may be configured to access andstore information in each type of media and may allow users to addadditional items of an inventory using a preferred media type. In someaspects, server 101 may also interface directly or indirectly (e.g.,through a personal computer) with other devices (e.g., cameras,microphones, etc.) at a user location for generating/updating/storinginventory information.

Inventory information may be stored in a database or other secure server(e.g., network device 201) either internal and/or external to an entity(e.g., an insurance company) managing optimized inventory analysisserver 101. Information stored in the database may be accessible throughvarious communication platforms (e.g., the Internet) to both the entitymanaging optimized inventory analysis server 101 and to other users(e.g., customers of the entity managing optimized inventory analysisserver 101). In addition, the information may be compartmentalized sothat the items associated with each user's inventory are storedseparately in database 201.

In accordance with various aspects of disclosure, a user device (e.g.,mobile phone, personal computer, tablet, etc.) may transmit inventoryinformation to an interface (e.g., a graphical user interface for atablet, mobile device, personal computer, etc.) of optimized inventoryanalysis server 101. The interface (e.g., I/O module 109) may thentransmit the inventory information to a processor (e.g., processor 103)to coordinate storing of the inventory information in database 201. Insome aspects, users may access inventory information stored in database201 via links displayed on an Internet website.

In other aspects, processor 103 may also associate various types ofmetadata with each inventory in database 201. For instance, processor103 may cause storage of details (e.g., address of a home or business,name of an owner, level of insurance coverage, etc.) of each inventory.In some aspects, server 101 may accomplish this association by linkingthe information stored in a predetermined user profile with acorresponding inventory. In additional aspects, processor 103 may alsoinclude metadata that describes each item in an inventory. For instance,if an inventory corresponds to items located within a home, processor103 may include details about the room where each item is found, datethat each item was purchased, purchase price of each item, prior damageassociated with each item, and the like. Once all of the inventoryinformation and associated metadata have been properly stored, processor103 may use the information in database 201 to retrieve relevantinventory information for recommending items that may be of interest tousers and for processing insurance claims associated with each inventory(discussed further below).

In certain aspects of the disclosure, optimized inventory analysisserver 101 may identify each item of an inventory received by I/O module109. In this aspect, server 101 may process each received item tocorrectly identify the item and once identified, may determine/storeadditional details associated with the item (e.g., size, shape, value,etc.). For instance, if server 101 receives a photo of a personalcomputer located in the basement of a home, server 101 (or associatedsystems 201) may use image processing techniques (e.g., blur filters,grey-scaling, optical recognition, edge detection, comparison to similaritems stored in database 201, etc.) to identify that what is depicted inthe photo is in fact a personal computer of a particular model type.Once the personal computer has been identified, server 101 may furtheranalyze the photo to determine any damage associated with the computer.In addition, if server 101 receives an audio/video file detailing eachitem located in each room of a home, server 101 may use speech/videoprocessing techniques to determine the list of items included in theaudio/video file. In other aspects, users may directly transmitinformation describing each item (e.g., an email/telephone call/SMSmessage stating the model/serial number of a computer, the size andcondition of an expensive oriental rug, the size/artist/purchase historyassociated with a prized painting, etc.) to server 101.

Regardless of the way in which inventory information and associateddetails are generated (e.g., transmitted directly from a user associatedwith the inventory, generated through further analysis ofimage/audio/video/data files received by server 101, etc.), server 101may store the information related to each item of an inventory andassociated metadata in database 201 for further use.

Using the inventory data and the information in the user profile (e.g.,demographic classification), server 101 may recommend items that are notcurrently included in the inventory associated with a given user and/orgroup of users (e.g., a household, etc.) and that may be of interest tothe given user and/or group of users. The items recommended by server101 may be items that are owned by users with characteristics similar tothe user in question. For instance, server 101 may base itsrecommendation of one or more items on items that are owned by amajority of users within the same or similar demographic classificationas the user in question (e.g., 80% of single males ages 25-30 own apersonal computer).

FIG. 3 shows a process flow for a predictive demographic item method inaccordance with at least one aspect of the present disclosure. Theprocess 300 may start out in step 301 where optimized inventory analysisserver 101 may use user information related to a given user to determinea demographic classification. For instance, server 101 may use aclassification related an age, gender, race, and/or income level of thegiven user.

Then, in step 303, optimized inventory analysis server 101 may use thisclassification to determine candidate items for recommendation. Server101 may perform this function in a variety of ways. For instance, server101 may access a database (e.g. database 201) storing informationrelated to demographic classifications of all users associated withserver 101 and the inventory items pertaining to these users. Server 101may then process the information in database 201 to determine whichitems are owned/insured by a majority of users that fall into the sameand/or similar demographic classification as a given user. In otherembodiments, server 101 may process the information in database 201 todetermine which items are owned/insured by at least one user that fallsinto the same and/or similar demographic classification as a given user.In yet other embodiments, server 101 may process the information indatabase 201 to determine which items are owned/insured by apredetermined percentage of users that fall into the same and/or similardemographic classification as a given user.

Once the candidate items for recommendation are determined, the processmay move to step 305 where optimized inventory analysis server 101 maycross-reference a candidate item with items already stored in aninventory associated with a given user. The process may then move tostep 307 where server 101 may determine if the candidate item is storedin an inventory associated with the user. If the candidate item isstored in an inventory associated with the user, optimized inventoryanalysis server 101 may skip the candidate item for recommendation bymoving to decision step 309 where server 101 may determine if there isanother candidate item for recommendation. If there is another candidateitem for recommendation, the process may move back to step 305 whereserver 101 may cross-references the next candidate item with items thatare already stored in an inventory associated with the user. If thereare no additional candidate items for recommendation, the process maymove back to step 301 where the process may start over.

If the candidate item evaluated in step 307 is not stored in aninventory associated with the user, the process may move to step 311where optimized inventory analysis server 101 may recommend thecandidate item to the user. Server 101 may recommend the candidate itemto the user in a variety of ways, including via the Internet (e.g., awebsite displaying the recommended item to the user on a display screenassociated with a user device, etc.), email, telephone, regular postalmail, SMS, etc. The process may then move back up to step 309 whereserver 101 may determine if there are other candidate items forrecommendation to the user. If there are additional items, the processmoves back up to step 305 and if there are no additional items, theprocess moves back up to step 301. In other embodiments, server 101 maycross-reference all candidate items on the list of candidate itemsbefore recommending any candidate item to a user.

FIG. 4 shows a process flow for valuation of items stored as part of aninventory in accordance with at least one aspect of the presentdisclosure. The process 400 may start out at step 401 where optimizedinventory analysis server 101 may transmit a request for informationregarding an original purchase price of an item associated with aninventory stored in database 201. In some embodiments, this request maybe transmitted when server 101 receives information that a new itemassociated with a given inventory has been uploaded into database 201.This information may have been originally received by server 101 andstored in database 201 through a variety of mechanisms. For instance,server 101 may have received this information from a user that owns theitem, or server 101 may have interfaced with external databases (e.g.,online catalogs, websites, etc.) to determine this information.

The process may then move to step 403 where server 101 may receive therequested information related to the original purchase price of theitem. If the requested information is not available, server 101 maycalculate and/or otherwise determine the current price of the item. Forinstance, server 101 may calculate the current price of the item througha predefined formula that considers at least a portion of informationknown about the item. For example, if server 101 is able to retrieveinformation related to the model number and/or other product details ofthe item in question, server 101 may use this information to referencesimilar items within an external database. Server 101 may then use theprice of the similar items to price the item in question and/or mayadjust the price of the similar item based on any differences betweenthe similar items and the item being priced.

Once the original purchase price and/or the current price of the item isdetermined, the process may move to step 405 where server 101 maycalculate the depreciated value of the item based on age, prior damage,etc. For instance, if the original price of a flat panel television setin the living room of a home was $1000, the depreciated value of theitem may now be $200, considering the age and any prior damage. Afterthe depreciated value of the item is determined, the process may move tostep 407 where server 101 may store the determined value of the item indatastore 201.

The process may then move to step 409 where server 101 may decide ifthere is another item that needs to be priced. If there is another itemto be priced in the inventory, the process may move back to step 401. Ifthere are no other items to be priced, the process may move to step 411where server 101 may calculate the total value of all items associatedwith a given inventory.

FIG. 5 shows a process flow for automatic loss valuation in accordancewith at least one aspect of the present disclosure. The process 500 maystart out at step 501 where the optimized inventory analysis server 101may receive information related to a given claim. This information maybe received directly from a claimant and/or through additionalsystems/servers managed by the entity managing optimized inventoryanalysis server 101 (e.g., an insurance company).

The process may then move to step 503 where server 101 may accessinventories of insured items associated with the claimant and maydetermine which items of a given inventory are relevant to the claim.For instance, if the claim relates to fire damage associated with aparticular room of a home, server 101 may determine all of the insureditems within that room of the home. To determine relevant inventoryinformation, server 101 may access data stored in database 201.

The process may then move to step 505 where server 101 may assess lossassociated with the damaged items. To assess loss, server 101 may alsoaccess pricing information calculated and stored by server 101 throughprocesses such as those detailed in FIG. 4. Server 101 may also useother computer-implemented methods maintained by the entity managingserver 101 to assess loss related to the claim.

Once loss has been assessed, the process may move to step 507 whereserver 101 may generate an estimate for the assessed loss. This estimatemay reflect the inventory information stored in and retrieved fromdatabase 201 in step 503. The estimate may include an estimate of theassessed loss, the methodology by which server 101 arrived at theassessed loss, a list of insured items deemed to be relevant to theclaim, insurance coverage levels for each insured item, and a proposedsettlement amount for any assessed damage to insured items. Optimizedinventory analysis server 101 may then transmit the estimate to theclaimant in step 509.

Upon reviewing the estimate, the claimant may transmit additionalinformation to server 101 in step 511. For instance, the claimant maydetermine that server 101 should consider additional information ingenerating an estimate. Additional information may represent additionalinventory items not included in the estimate but considered relevant tothe claim, perceived errors in the insurance coverage levels associatedwith each insured item, and any other disagreement and/or question inrelation to the information included in the estimate.

Once new information is received, server 101 may analyze the additionalinformation to determine if a modified estimate should be generated instep 513. If a modified estimate should be generated, the process maymove to step 515 where server 101 may generate a modified estimate forthe assessed loss. The process may then move back to step 509 where themodified estimate is transmitted to the claimant for further review. Insome embodiments, steps 511-515 may be repeated any number of timesuntil an agreement is reached with regard to a settlement. In otherembodiments, steps 511-515 may be repeated up to a maximum number oftimes, after which the claims adjustment and settlement process may betransferred to a personal claims adjuster associated with the entitymanaging server 101. In certain aspects, steps 511-515 may be performedoptionally (e.g., depending on whether the claimant has additionalinformation to provide to server 101).

If a modified estimate is deemed unnecessary based on a review of theadditional information provided by the claimant, the process may move tostep 517 where server 101 may generate a settlement for the assessedloss. Once a finalized settlement is generated, optimized inventoryanalysis server 101 may transmit the settlement to the claimant in step519. Aspects of the disclosure allow optimized inventory analysis server101 to settle the claim in a variety of ways. For instance, thesettlement may be transmitted as a check that is directly deposited intoa bank account associated with the claimant. In other examples, thesettlement may be transmitted via postal mail, email, etc. directly tothe claimant.

In some aspects, server 101 may calculate the assessed loss andsettlement in real-time when an insurance claim is first received by anentity managing server 101. The claim may relate to one or more itemsthat are a part of an inventory associated with a claimant. In someembodiments, the claim submitted by the claimant may relate to a totaldisaster. It should also be noted that one or more of the process stepslisted FIG. 5 may be performed by other devices/servers associated withthe entity managing server 101. For instance, inventory information maybe accessed from databases located in external networks, claim loss maybe assessed via a claims system that is separate from optimizedinventory analysis server 101, and communication with externalsystems/users may occur through front end communication modules that areassociated with server 101.

FIG. 6a shows an example display screen 600 a for displaying aninventory in accordance with at least one aspect of the presentdisclosure. Screen 600 a may be displayed on any number of computingdevices, including desktop computers and mobile devices such as mobilephones. In addition, screen 600 a may be configured to allow users suchas customers of an entity managing optimized inventory analysis server101 (e.g., an insurance company) to view items that are a part one ofmore inventories. For instance, screen 600 a may display a list 601 a ofitems that belong to a home inventory associated with a given userand/or group of users. Although screen 600 a depicts a list 601 a ofitems that are a part of a home inventory, screen 600 a may display aninventory associated with any number of other types of property,including vehicles, businesses, etc. It should also be noted that screen600 a may be displayed after a user has entered information (e.g., nameof user associated with the inventory, address related to the inventory,etc.) identifying the inventory that should be displayed.

FIG. 6b shows an example display screen 600 b for allowing a user to additems to an inventory in accordance with at least one aspect of thepresent disclosure. Screen 600 b may include various fields foridentifying the item to be added, including a “name” field 601 b foridentifying the name of the item (e.g., personal computer, diamond ring,etc.) and a “price” field 603 b for entering in a purchase price of theitem. In some aspects, optimized inventory analysis server 101 mayautomatically calculate a purchase price of an item based on other knowndetails about the item (e.g., by scanning a barcode associated with theitem and searching for the item online for a manufacturer's suggestedretail price (MSRP), by cross-referencing the item with similar (or thesame) items owned by other users who have already entered a purchase ofthe item, etc.) A user may also enter more information about the item inan “item detail” field 605 b. For instance, the “item detail” field 605b may include details about the age of the item, prior damage associatedwith the item, special features associated with the item, etc. Once auser has entered information into one or more fields 601 b-605 b ofscreen 600 b, the user may save the information by touching the “save”button 607 b. It should also be noted that screen 600 b may be displayedafter a user has entered information (e.g., name of user associated withthe inventory, address related to the inventory, etc.) identifying theinventory to which items are being added.

FIG. 6c shows an example display screen 600 c for allowing a user tosearch through an inventory in accordance with at least one aspect ofthe present disclosure. Screen 600 c may include a search box 601 c forentering keywords that should be searched in the inventory. Once theappropriate keywords have been entered into search box 601 c, a user maytouch the “find” button 603 c to have the device displaying screen 600 cinitiate a keyword search of a given inventory. The device displayingscreen 600 c may process the keywords in any number of ways. In oneexample, a processor associated with the device displaying screen 600 cmay use optical character recognition (OCR) to scan text within photosand documents to create searchable assets, as displayed in region 607 cof screen 600 c. Once the keywords are processed, screen 600 c maydisplay a “results” section 605 c that includes various documents,files, and other information that contain one or more instantiations ofthe keywords entered into search box 601 c. It should also be noted thatscreen 600 c may be displayed after a user has entered information(e.g., name of user associated with the inventory, address related tothe inventory, etc.) identifying the inventory that should be searched.As an example, consider a scenario where a customer of an insurancecompany stores inventory information of insured items associated withher home in a database associated with optimized inventory analysisserver 101. Assume also that the customer is 35 years old and lives inthe home with her husband and two kids. In addition, assume that severeweather causes flooding in the basement of their home and that thebasement includes a total loss associated with insured items, includinga television, oriental rugs, and a stereo system.

To confirm that the items in the basement are in fact covered by theinsurance company, the customer may use her mobile to run a homeinventory application for accessing a list of items (similar to the listof items depicted in FIG. 6a ) associated with her home's insuredinventory. Assume in this case that the home inventory application doesindeed confirm that the list of insured items includes a television,oriental rugs, and a stereo system within the basement.

The customer may submit a claim to the insurance company via theInternet for damage to the basement and may include pictures of damageassociated with the television, rugs, and stereo system. When optimizedinventory analysis server 101 receives this information, server 101 mayprocess the claim by accessing the relevant inventory informationassociated with the claim. Because the claim indicates that the locationof the damage is within the basement of the customer's home, server 101may determine all of the insured items located in the basement of thecustomer's home. When server 101 accesses the appropriate inventorywithin database 201, server 101 may confirm that there are three insureditems within the customer's basement—a television set, several orientalrugs, and a stereo system.

Server 101 may then determine a depreciated value of the three items byfirst determining the original purchase price of the three items. Assumethat in this case server 101 determines that the combined depreciatedvalue of the three items is $1000. Assume also that the three items arecovered at 100% of assessed damage/loss after a $250 deductible is paid.Server 101 may generate an estimate that includes the assessed loss of$1000 and may also include details of the insurance coverage level forthe three items.

Server 101 may transmit this estimate to the customer, who then mayreview the estimate to determine if she has any questions or concerns.Assume that in this case the customer realized that there was damage toadditional items covered by the home insurance policy within thebasement. In this case, the customer realized that the refrigerator inthe basement was also damaged because of the flood damage. The customermay also search for the keyword “refrigerator” in the home inventoryapplication (e.g., using an interface similar to the interface shown inFIG. 6c ) and may realize that the refrigerator is not included in thehome inventory.

Upon this realization and in response to the estimate, the customer maytransmit information related to this additional damage to the insurancecompany. In one aspect, the customer may transmit this information tooptimized inventory analysis server 101 by running the home inventoryapplication on her mobile phone and adding the basement refrigerator tothe inventory of items associated with her home using an interfacesimilar to the interface depicted in FIG. 6b . After adding a new item,the home inventory application may either automatically direct thetransmission of information related to the new inventory item to server101 or the customer may direct transmission of this information viaemail, SMS, etc.

Server 101 may review the customer's response and determine if theestimate should be amended. Because the customer submitted damagerelated to additional items, server 101 may access database 201 todetermine if the refrigerator in the basement is covered by theinsurance policy. Assume in this scenario that server 101 analyzes thehome insurance policy for the customer and determines that all items inthe basement are covered up to 100% of assessed damage/loss. In view ofthis determination, server 101 may calculate that the depreciated valueof the refrigerator in the basement is $300, making the totaldepreciated value of the four items $1300. Server 101 may modify theoriginal estimate to reflect these new numbers and transmit the amendedestimate back to the customer.

Assume that the customer reviews the modified estimate and determinesthat it accurately reflects the damage to her basement. In this case,the customer may transmit an acknowledgement that she has no additionalconcerns with regard to the amended estimate.

Once server 101 receives this acknowledgement, server 101 may generate afinalized settlement for the assessed loss in the form of a check. Thecheck may be in the amount of the total assessed loss (i.e., $1300)minus the deductible (i.e., $250) on the home insurance plan. Thus, acheck for $1050 may be direct deposited into the customer's account.

Along with transmitting the settlement, server 101 may also recommendvarious items that the customer may not already own. For instance,server 101 may determine that the customer in question lacks a hometheater system owned by other customers in the 30-40 year old range withtwo kids and with similarly priced homes (i.e., those customers in thesame demographic classification as the customer in question). Thus,along with providing a settlement for damage to the basement, server 101may transmit a recommendation of a home theater system to the customerin question. Alternatively, server 101 may determine that the customerin question may already own a home theater system (e.g., because othercustomers within the same demographic classification own such a system)and may transmit a notification to the customer in question, statingthat a home theater system may have not been properly entered into thehome inventory.

FIG. 7 shows a process flow for determining if items within an inventoryare adequately insured in accordance with at least one aspect of thepresent disclosure. The process 700 may start out at step 701 whereoptimized inventory analysis server 101 may access an inventory storedin a database (e.g., database 201). The process may then move to step703 where server 101 may determine a depreciated price of each item inthe inventory by, for instance, using the methodology shown in FIG. 4.

After the value of each of the items is determined, server 101 may usethis information to determine an adequate/appropriate insurance coveragelevel for each item in step 705. Server 101 may determine adequatecoverage levels in a variety of ways. For instance, server 101 may referto statistical tables maintained by an entity managing server 101 (e.g.,an insurance company). In additional embodiments, server 101 mayinterface with external servers that include risk and loss associatedwith various items. In some embodiments, the depreciated value of anitem may impact whether an item is deemed to have adequate insurancecoverage.

Once adequate/appropriate coverage levels are determined, the processmay move to step 707 where optimized inventory analysis server 101 mayanalyze the current insurance coverage level of each item within theinventory (e.g., based on terms as stated in a homeowner's, automobile,etc. insurance policy). This information may be stored in database 201as part of the inventory information for a given user. The process maythen move to step 709 where server 101 may compare the adequateinsurance coverage level for each item as determined in step 705 withthe current insurance coverage level for each item as analyzed in step707 to determine if each item in the inventory is adequately insured.

An item may not be adequately and/or appropriately insured for a numberof reasons. For instance, an owner of the item may not have wanted topurchase adequate insurance coverage for an item at a given time becauseof the increased cost. Or, the item may have been over-insured by theowner when the item was first purchased. In this aspect, once optimizedinventory analysis server 101 detects that a given item is over-insured,server 101 may then calculate a cost-savings for an owner of the item bydecreasing the coverage to an adequate coverage level. Over time, theowner's needs may have changed and/or the item itself may have changedin value to the point where previous insurance coverage levels are nolonger appropriate. In this regard, an insurance coverage level mayrefer to various aspects of an insurance policy, including the premiumlevel, deductible level, and amount of compensation for assessedloss/damage.

Once server 101 determines if each item within an inventory isadequately insured, the process may move to step 711 where server 101may store results of this analysis and the current coverage levels foreach item in database 201. This information may then be used for otherprocesses, as discussed below.

In some aspects, optimized inventory analysis server 101 may provideinsurance quotes (e.g., for a new insurance policy) for prospectivecustomers (e.g., of an insurance company). In this aspect, server 101may direct a prospective customer to take photographs of items owned bythe prospect (e.g., in a home, office, etc.). The prospect may thentransmit item information to optimized inventory analysis server 101.Server 101 may analyze this information to determine a customizedinsurance policy (e.g., with a predetermined premium level, coveragelevel, etc.) for the prospect. The details of this customized insurancepolicy may then be transmitted to the prospective customer for reviewand approval.

FIG. 8 shows a process flow for recommending insurance products basedupon a determination of whether or not inventory items are adequatelycovered, in accordance with at least one aspect of the presentdisclosure. The process 800 may start at step 801 where optimizedinventory analysis server 101 may analyze information related to whetheror not each item in a given inventory is adequately covered by aninsurance policy. This information may have been generated by processessuch as those described in FIG. 7. The process may then move to step 803where server 101 may determine if each item in the inventory isadequately/appropriately covered by an existing insurance policy. Ifeach item in the inventory is adequately/appropriately covered by anexisting insurance policy, the process may move back to step 801 whereserver 101 may analyze information related to another inventory. If eachitem in the inventory is not adequately/appropriately covered by anexisting insurance policy, the process may move to step 805 where server101 may determine if there are additional and/or alternative insuranceproducts (e.g., missing insurance policies, more appropriate insurancepolicies, etc.) offered by an entity managing server 101 (e.g., aninsurance company) from which a user associated with the inventory ofitems would benefit. For instance, the user may not have purchasedadequate coverage associated with a prized painting in his home becausehe did not appreciate the value of the painting at the time of purchase.Or, the user may have recently purchased a new television set which hasyet to be covered under an existing insurance policy. Alternatively, theuser may have over-insured an item and server 101 may recommendinsurance products that are less extensive. Regardless of the reason whyan item may not be adequately and/or appropriately covered, once server101 determines that there are additional insurance products forrecommendation, the process may move to step 807 where server 101 maydetermine the insurance details such as deductibles, premium levels,coverage levels, etc. associated with those products. Alternatively, ifserver 101 determines that there are no additional insurance productsoffered by the insurance company from which the user would benefit, theprocess may move back to step 801 where server 101 may analyzeinformation associated with another inventory.

When server 101 determines insurance products for recommendation andassociated details, the process may move to step 809 where server 101may transmit the product recommendation and associated details to a userassociated with the inventory. Server 101 may transmit therecommendation in many different ways, including via SMS, email, postalmail, telephone, etc. In addition, users may use various types of userdevices (e.g., personal computers, laptops, mobile phones, etc.) toreceive these messages and alerts. Users may also control which messagesand alerts are delivered to user devices by manipulating settings withinapplications running on the user devices. For instance, users may turncertain alerts off or control how alerts are received (e.g., via emailversus regular mail).

The user may then consider the recommended products and may or may notdecide to purchase the additional insurance products. In step 811,server 101 may also periodically transmit updates (e.g., as pushnotifications) and reminders regarding various insurance products to theuser. For instance, server 101 may transmit reminders regarding upcomingrenewal dates for existing insurance products or information regardingnew products offered by the entity managing server 101.

As an example, consider a scenario where a homeowner's inventoryincludes three items: a television set, an exercise machine, and anantique chair. Assume also that the depreciated value of the televisionset is $1000, the depreciated value of the exercise machine is $300, andthe depreciated value of the antique chair is $1200. In this scenario,assume that the television set is currently insured at 100% of assesseddamage/loss (0 deductible), the exercise machine is currently insured upto $300 worth of assessed damage/loss (0 deductible), and the antiquechair is currently insured up to $500 worth of assessed damage/loss (0deductible). Assume also that optimized inventory analysis server 101determines that an adequate coverage level for the television set andantique chair is full cost of assessed damage/loss and that an adequatecoverage level for the exercise machine is up to $300 of assesseddamage/loss.

In this scenario, when server 101 analyzes the current insurancecoverage levels with the levels that are deemed appropriate for thethree items, server 101 may determine that the television set and theexercise machine are adequately covered. However, server 101 may alsodetermine that the antique chair is inadequately covered.

Server 101 may determine that an insurance policy that provides fullcoverage (e.g., of assessed damage/loss) would be appropriate for thetelevision set and the antique chair and that the $300 coverage levelwould be appropriate for the exercise machine. Therefore, server 101 mayrecommend that the insurance coverage level for the antique chair beincreased from $500 worth of assessed damage/loss to full cost ofassessed damage/loss.

Server 101 may transmit this recommendation to the appropriatepolicyholder via an alert message to the policyholder's mobile phone.Upon review, the policyholder may review the recommendation and eitheraccept or decline the recommendation via a return message to server 101.Assume that in this case the policyholder accepts the recommendedinsurance coverage. Server 101 may then process the request, allow thepolicyholder to purchase the recommended coverage, and once purchased,may add the recommended coverage to the policyholder's existing plan.Server 101 may also send the policyholder future messages about upcomingrenewal dates for existing policies and notifications about new productsoffered by the entity that is managing server 101 (e.g., an insurancecompany).

FIG. 9 shows a process flow for recommending incentives onproducts/services offered by third party entities, in accordance with atleast one aspect of the present disclosure. The process 900 may startout at step 901 where optimized inventory analysis server 101 mayretrieve information (e.g., from database 201) about active partnershipsof an entity (e.g., an insurance company) that is managing server 101and incentives related to products and services offered at these activepartnerships.

Active partnerships may represent those partnerships (e.g., businessrelationships) that are not expired and/or otherwise nullified; in otherwords, active partnerships may represent partnerships that are currentlyin force, such as through an agreement, contract, etc. The entity thatis managing server 101 may have had partnerships in the past with thirdparty entities which are no longer in effect, but this information maystill be stored in database 201; therefore, server 101 may need toanalyze all of the information about partnerships stored in database 201and select only that information that represents active partnerships.

Information about partnerships may have been stored in database 201 whenan individual/group associated with the entity managing server 101entered this information into database 201. In other embodiments, server101 may have coordinated the storing of this information in an automatedway. For instance, partners may transmit data relating to the terms ofthe partnership, upcoming discounts and other incentives onproducts/services offered by the partners, etc. to server 101, andserver 101 may categorize (e.g., based on the name of the partner, typeof discount/incentive offered by the partner, etc.) and store this datainto database 201.

In certain aspects of the disclosure, incentives offered by partners mayvary widely. For instance, an incentive may represent a discount on asingle product/service or a group of products/services offered by agiven partner. In other embodiments, an incentive may represent asweepstakes, rebate, cash reward, free samples, and/or any other offerthat may entice users of server 101 to consider the products/servicesoffered by partners of the entity managing server 101.

In certain aspects, partnerships may be developed in a variety of ways.For instance, an insurance company managing server 101 may partner withvendors such as retail stores, repair shops, and/or other establishmentsto offer additional incentives to users of server 101. Thesepartnerships may benefit both the insurance company and the partner in avariety of ways. For instance, the insurance company may benefit bymarketing themselves as a business that provides users of server 101with discounts and other incentives at third party entities. Partnersmay benefit by exposure to users that may not have otherwise shopped forproducts/services offered by the third party entities.

Once information about active partnerships is retrieved, the process maythen move to step 903 where server 101 may retrieve information on itemsappropriate for recommendation and/or previously recommended by server101 to a given user of server 101 (e.g., an insurance customer). Thisinformation may have been determined in a variety of ways, such as bythe methodology discussed in FIG. 3.

Once previously recommended items and/or candidate items forrecommendation are determined, the process may move to step 905 whereoptimized inventory analysis server 101 may analyze incentives offeredat active partnerships in view of the information on items appropriatefor recommendation and/or previously recommended to a given user. Insome aspects, server 101 may match candidate items for recommendationand/or items previously recommended to a given user with incentivesoffered for those items at third party entities. In other words, server101 may determine which items appropriate for recommendation and/orpreviously recommended by server 101 are associated with an incentiveoffered by a third party active partner of the entity managing server101.

Once server 101 determines which items appropriate for recommendationand/or previously recommended by server 101 are associated with anincentive offered by a third party active partner of the entity managingserver 101, the process may move to step 907 where server 101 may selectone or more of the incentives associated with these items as best suitedfor recommendation to the user in question.

Server 101 may choose incentives as best suited for a given user basedon one or more factors. For instance, server 101 may choose incentivesbased on the value (e.g., amount of discount, rebate, and/or cashreward) of the incentive. In other embodiments, server 101 may chooseincentives based on the type of agreement and/or contract thatundergrids the partnership between the entity managing server 101 andthe third party entity. For instance, an agreement between the entitymanaging server 101 and the third party entity may specify that anincentive offered by a third party entity should always be chosen whenan item to which the incentive corresponds appears as a candidate itemfor recommendation or as an item that has already been recommended to agiven user. In yet other embodiments, server 101 may choose incentivesas best suited for a given user based on user-provided preferences(e.g., user prefers one retailer over another, etc.). In addition,server 101 may automatically select all of the incentives thatcorrespond to candidate items for recommendation and/or items that havepreviously been recommended to a given user.

Once optimized inventory analysis server 101 selects the incentives thatare best suited for recommendation to a given user, the process may moveto step 909 where server 101 may transmit (e.g., via email, SMS, etc.)information about the selected incentives to the user (e.g., for displayon a user device).

Once the user receives the recommended incentives, the user may chooseto either ignore or take further actions with regard to therecommendation. For instance, the user may request more informationabout the recommended incentives either from server 101 or from one ormore partners offering the incentive. The user may also visit thepartners' businesses to decide whether or not to purchase one or moreitems associated with the recommended incentives.

FIG. 10 shows a process flow for recommending incentives on insuranceproducts for insuring products/services sold by third party entities, inaccordance with at least one aspect of the present disclosure. Theprocess 1000 may start out at step 1001 where optimized inventoryanalysis server 101 may analyze information related to items stored inan inventory for a given user (e.g., by accessing database 201). Server101 may also analyze a current insurance coverage level (e.g., premiums,amount of compensation in the event of assessed loss, deductibles, etc.)associated with each of these items.

The process may then move to step 1003 where server 101 may analyzeinformation related to items appropriate for recommendation and/or itemspreviously recommended to a given user. These items may be determined ina variety of ways, such as by the methodology described in FIG. 3.

Next, in step 1005, server 101 may determine an appropriate insurancecoverage level for the items analyzed in step 1003. Server 101 maydetermine appropriate insurance coverage levels in a variety of ways,such as those discussed in relation to the methodology outlined in FIGS.7 and 8.

Once item information and insurance coverage level information have beenanalyzed for a given user, the process may move to step 1007 whereserver 101 may analyze information related to active incentives forinsurance products for optimally insuring items that the user alreadyowns, items that server 101 has recommended that the user own, and/oritems that server 101 will recommend that the user own. Activeincentives may refer to those incentives currently being offered oninsurance products associated with (e.g., sold by) the entity managingserver 101. For instance, the entity managing server 101 mayperiodically offer incentives on insurance products to entice currentcustomers to purchase additional/alternative insurance products and/orto entice potential customers to become customers of the entity managingserver 101. These incentives may be active for a predetermined length oftime, after which they may become inactive (e.g., no longer offered asan incentive).

Based on the analysis in step 1007, the process may move to step 1009where optimized inventory analysis server 101 may select insuranceproduct incentives that are best suited for recommendation to the userin question. Server 101 may choose insurance product incentives as bestsuited for a given user based on one or more factors. For instance,server 101 may choose insurance product incentives based on the value(e.g., amount of discount, rebate, and/or cash reward) of the incentive.In other embodiments, optimized inventory analysis server 101 may chooseinsurance product incentives based on incentives that have beenpreviously identified by users as incentives of interest. For instance,if a user indicates that he/she is interested in discounted products forinsuring electronic items in his/her home, server 101 may use thisinformation to recommend future discounts on these types of insuranceproducts to the user.

Finally, once server 101 has selected one or more insurance productincentives for recommendation to a user, the process may move to step1011 where server 101 may transmit the recommendation to the user.

In some aspects, server 101 may transmit recommendations on insuranceproduct incentives to a given user in conjunction with other types ofrecommendations, such as those related to items that the user may wantto own, insurance products that the user may want to purchase, andincentives on items of interest sold by third party entities.

As an example, consider a scenario where an insurance company insuresvarious electronics goods (e.g., television, stereo system, computer,etc.) located within the home of a customer. Assume also that thecustomer has indicated an interest in purchasing a new television setfor his living room. Assume also that the insurance company partnerswith various third party retailers, such as those that sell clothes,sporting gear, and electronics, to offer incentives on purchases at thethird party retailers.

When optimized inventory analysis server 101 associated with theinsurance company becomes aware of a new promotion for 50% off of allmerchandise purchased at the local electronics store, server 101 mayanalyze the customer's preferences, may realize that the customer seeksto purchase a new television set, and may transmit information to thecustomer about the address of the local electronics store, storetimings, and dates during which the promotion will be running.

Assume that in this scenario the customer actually purchases a newtelevision set at the local electronics store. In this case, the partnerand/or the customer may transmit information regarding the purchase tothe insurance company, and upon receiving this information, optimizedinventory analysis server 101 may determine insurance products andactive incentives for optimally insuring the new television set. In thisprocess, server 101 may price the television set and determine that aninsurance policy offering full coverage for assessed loss to thetelevision, a low deductible, and a low premium would be optimal. Server101 may also determine that the insurance company is currently running aspecial program that allows this type of policy to be purchased at 20%less than regular price for current customers. Thus, server 101 maytransmit information regarding the recommended insurance policy and therelevant incentive for this insurance policy to the customer inquestion. The customer may then decide whether or not the recommendedpolicy should be purchased.

The foregoing descriptions of the disclosure have been presented forpurposes of illustration and description. They are not exhaustive and donot limit the disclosure to the precise form disclosed. Modificationsand variations are possible in light of the above teachings or may beacquired from practicing of the disclosure. For example, the describedimplementation includes software but the present disclosure may beimplemented as a combination of hardware and software or in hardwarealone. Additionally, although aspects of the present disclosure aredescribed as being stored in memory, one skilled in the art willappreciate that these aspects can also be stored on other types ofcomputer-readable media, such as secondary storage devices, like harddisks, floppy disks, or CD-ROM; a carrier wave from the Internet orother propagation medium; or other forms of RAM or ROM.

What is claimed is:
 1. A method comprising: receiving, by a server, viaa network, and from a user device of an insurance policy holder, videodata of physically-owned items located in one or more rooms in a home ofthe insurance policy holder; analyzing, by the server and using one ormore video processing techniques including blur filters, grey-scaling,optical recognition, or edge detection, the video data and identifying,by the server, the physically-owned items in the video data; responsiveto identifying the physically-owned items, analyzing, by the server andusing the one or more video processing techniques including blurfilters, grey-scaling, optical recognition, or edge detection, the videodata and identifying, by the server, any damage to one or more of thephysically-owned items; generating, by the server and based on theidentification of the physically-owned items, inventory informationincluding each of the physically-owned items; storing, by the server andin a database, the inventory information in association with metadatafor each of the physically-owned items, wherein the metadata comprisesan indication of any damage to the physically-owned item and a room inwhich the physically-owned item is located; receiving, by the server,via the network, and from the user device of the insurance policyholder, an insurance claim indicating damage to a particular room amongthe one or more rooms in the home of the insurance policy holder;determining, by the server and using the stored inventory informationand the associated metadata, which of the physically-owned items areassociated with the particular room indicated in the received insuranceclaim and obtaining, by the server, one or more relevant insured items;determining, by the server and based on the metadata associated with thestored inventory information indicating that a particular relevantinsured item, of the one or more relevant insured items, was damaged, adepreciated value of the particular relevant insured item; determining,by the server, a current insurance coverage level for the particularrelevant insured item under an insurance policy of the insurance policyholder; determining, by the server and based on the current insurancecoverage level for the particular relevant insured item and thedepreciated value of the particular relevant insured item, whether theparticular relevant insured item is adequately insured; in response todetermining that the particular relevant insured item is adequatelyinsured, determining, by the server, in real-time, and based on thedepreciated value of the particular relevant insured item, a settlementoffer indicating compensation for the particular relevant insured item;and transmitting, by the server, via the network, and to the user deviceof the insurance policy holder, the settlement offer.
 2. The method ofclaim 1, further comprising: determining, by the server and based on themetadata associated with the stored inventory information indicatingthat the particular relevant insured item was damaged, a depreciatedvalue of another relevant insured item, among the one or more relevantinsured items; determining, by the server and based on a currentinsurance coverage level for the other relevant insured item and thedepreciated value of the other relevant insured item, whether the otherrelevant insured item is adequately insured; and in response todetermining that the other relevant insured item is not adequatelyinsured, determining, by the server, whether there are any additional oralternative insurance products for insuring the other relevant insureditem.
 3. The method of claim 2, further comprising: in response todetermining that additional or alternative insurance products exist,selecting, by the server, at least one of the additional or alternativeinsurance products; and transmitting, by the server, via the network,and to the user device of the insurance policy holder, a recommendationfor the selected at least one of the additional or alternative insuranceproducts.
 4. The method of claim 1, further comprising: transmitting, bythe server, via the network, and to the user device of the insurancepolicy holder, a notification providing a reminder about an upcomingrenewal date for existing insurance products.
 5. The method of claim 4,wherein the notification is transmitted via a text message or an emailmessage.
 6. The method of claim 1, comprising: determining, by theserver, a depreciated value of each of the one or more relevant insureditems, wherein the determining the settlement offer comprisesdetermining, by the server, the settlement offer at least based on thedepreciated value of each of the one or more relevant insured items. 7.The method of claim 1, wherein the determining the depreciated value ofthe particular relevant insured item comprises determining, by theserver, the depreciated value of the particular relevant insured itemfurther based on an age associated with the particular relevant insureditem.
 8. The method of claim 1, wherein the determining the depreciatedvalue comprises: calculating, by the server, a current price for theparticular relevant insured item based on a predefined formula.
 9. Themethod of claim 8, wherein the calculating the current price for theparticular relevant insured item comprises calculating, by the server,the current price for the particular relevant insured item based onprices of similar items within an external database.
 10. The method ofclaim 1, wherein the insurance claim indicates fire damage to theparticular room in the home.
 11. The method of claim 1, wherein thetransmitting the settlement offer comprises transmitting, by the serverand via the network, a push notification to the user device.
 12. Themethod of claim 1, further comprising: receiving, by the server, via thenetwork, and from the user device of the insurance policy holder, anacknowledgement that the settlement offer is accepted; and in responseto receiving the acknowledgement, transmitting, by the server, via thenetwork, and to a server of a bank of the insurance policy holder,information to directly deposit an amount of the settlement offer into abank account of the insurance policy holder.
 13. The method of claim 1,further comprising: after transmitting the settlement offer, receiving,by the server, via the network, and from the user device of theinsurance policy holder, an indication of an additional item in theparticular room that has been damaged; in response to receiving theindication, analyzing, by the server, the insurance policy to determinewhether the additional item is covered by the insurance policy; inresponse to determining that the additional item is covered by theinsurance policy, determining, by the server, a depreciated value of theadditional item; modifying, by the server, the settlement offer based onthe depreciated value of the additional item; and transmitting, by theserver, via the network, and to the user device of the insurance policyholder, the modified settlement offer.
 14. The method of claim 1,wherein the determining whether the particular relevant insured item isadequately insured comprises accessing, by the server, tables withstatistical information related to risk and loss associated with theparticular relevant insured item.
 15. The method of claim 1, furthercomprising: in response to determining that the particular relevantinsured item is adequately insured, calculating, by the server, acost-savings for the insurance policy holder.
 16. The method of claim 1,further comprising: in response to determining that the particularrelevant insured item is over-insured, decreasing, by the server, thecurrent insurance coverage level to an adequate insurance coverage levelfor the particular relevant insured item.
 17. The method of claim 16,wherein the determining whether the particular relevant insured item isadequately insured comprises determining, by the server, the adequateinsurance coverage level for the particular relevant insured item basedon the depreciated value of the particular relevant insured item. 18.The method of claim 1, wherein the method further comprises: generating,by the server and based on the analysis of the video data, a customizedinsurance policy, wherein the customized insurance policy insures eachof the physically-owned items analyzed in the video data at acorresponding current insurance coverage level.
 19. A server comprising:memory having instructions stored thereon; and a processor incommunication with the memory, wherein the processor, upon execution ofthe instructions, is configured to: receive, from a mobile device andvia a network, video data of physically-owned items located in one ormore rooms in a home of an insurance policy holder; analyze, using oneor more video processing techniques including blur filters,grey-scaling, optical recognition, or edge detection, the video data andidentify the physically-owned items in the video data; responsive toidentifying the physically-owned items, analyze the video data using theone or more video processing techniques including blur filters,grey-scaling, optical recognition, or edge detection and identify anydamage to one or more of the physically-owned items; generate, based onthe identification of the physically-owned items, inventory informationincluding each of the physically-owned items; store, in a database, theinventory information in association with metadata for eachphysically-owed item of the physically-owned items, wherein the metadatacomprises any damage to the physically-owned item and a room in whichthe physically-owned item is located; receive, from the mobile deviceand via the network, an insurance claim indicating damage to aparticular room among the one or more rooms in the home of the insurancepolicy holder; determine, using the stored inventory information and theassociated metadata, which of the physically-owned items are associatedwith the particular room indicated in the received insurance claim andobtain one or more relevant insured items; determine, based on themetadata associated with the stored inventory information indicatingthat a particular relevant insured item, of the one or more relevantinsured items, was damaged, a depreciated value of the particularrelevant insured item; determine, based on a current insurance coveragelevel for the particular relevant insured item and the depreciated valueof the particular relevant insured item, whether the particular relevantinsured item is adequately insured; in response to determining that theparticular relevant insured item is adequately insured, determine, inreal-time and based on the depreciated value of the particular relevantinsured item, a settlement offer indicating compensation for theparticular relevant insured item; and transmit, to the mobile device andvia the network, the settlement offer.
 20. The server of claim 19,wherein the processor, upon execution of the instructions, is furtherconfigured to: determine, at a time of determining the depreciated valueand based on prices of similar items within an external database, aspecific price for the particular relevant insured item, wherein thedepreciated value is determined based on the specific price.